Paytm's founder and CEO, Vijay Shekhar Sharma, will buy a 10.3% stake valued at $628 million in the company from its largest shareholder, in a bid to simplify its ownership structure, the fintech company said in a filing on August 7.

Mr. Sharma's stake purchase from Antfin (Netherlands) Holding B.V. is valued at $628 million, as per Paytm's last closing price of 796.6 rupees a share.

Antfin will cease

to be the largest shareholder in the company following the transfer.

Mr. Sharma's stake in the digital payments firm will increase to 19.42%, while Antfin's shareholding will reduce to 13.5%.

The company added that there would be no change in the management or control of Paytm, with Mr. Sharma and the existing board continuing in their roles.

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